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IBM announces procurement suite

Published on May 04, 2001.

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Armonk, N.Y.--IBM Corp. said it will release in June a new software product called Leveraged Procurement Services. Running on top of the Internet transaction system created by Ariba Inc., IBM LPS is designed to be an easy way for companies to find suppliers, receive and publish catalogs and manage spending through reports. It will come with predefined templates for buying office supplies, office furniture, maintenance repair and operation materials. Companies can also customize the system for purchases outside of those verticals, IBM said. Using early prototypes of the system, IBM saved $377 million through e-procurement in 2000, purchasing 94% of its goods electronically through 24,000 suppliers, it said. Pricing and marketing plans for LPS were not disclosed.